Diamcor Mining Inc. has released the results of its final tender and sale of rough diamonds for the company’s third fiscal quarter ending Dec. 31, 2018. The company tendered 2,256.52 carats of rough diamonds recovered from resumed processing exercises at the company’s Krone-Endora at Venetia project, of which 1905.07 carats were sold for gross proceeds of $303,138.39 (U.S.), resulting in an average price of $158.60 (U.S.) per carat for the rough diamonds tendered and sold. The balance of 351.45 carats will be tendered along with additional rough diamonds delivered by the company in January, 2019.
With this final tender of the fiscal quarter complete, total rough diamonds tendered and sold during the company’s third fiscal quarter ending Dec. 31, 2018, will be 7,162.21 carats, for gross proceeds of $1,401,322.01 (U.S.), resulting in an average price of $195.66 (U.S.) per carat for the period. This represents an increase of 64 per cent in carats recovered and a 62-per-cent increase in revenues realized when compared with recoveries of 4,353.91 carats and revenues of $864,546.09 (U.S.) reported for the same period during the prior fiscal year. The average price per carat achieved was relatively unchanged year over year. Material processed during the current quarter consisted of smaller size fractions, with an increased percentage of larger-size fractions being incorporated later in the quarter as part of the company’s planned move to the processing of all size fractions through the recently upgraded facilities. In addition to the total rough diamonds tendered and sold during the quarter, the company has delivered approximately 2,000 additional carats of rough diamonds (prior to acid wash) to Antwerp, which will be offered in upcoming tenders planned for early 2019.
The company also announces that the directors of the company, Dean Taylor, Darren Vucurevich, Sheldon Nelson and Dr. Stephen Haggerty, were re-elected by the shareholders at the company’s annual general meeting held on Dec. 18, 2018. The disinterested shareholders of the company also approved an amendment to the company’s fixed stock option plan to increase the number of options available under the plan from 8,622,233 options to 12,777,177 options, being 20 per cent of the company’s issued and outstanding shares as at the record date for the meeting. MNP LLP was also reappointed as the company’s auditor for the ensuing year.
About Diamcor Mining Inc.
Diamcor Mining is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI and on the OTCQB International under the symbol DMIFF. The company has a well-established operational and production history in South Africa, and extensive prior experience supplying rough diamonds to the world market.
Qualified person statement
James Hawkins (BSc, PGeo) is manager of exploration and special projects for Diamcor Mining, and the qualified person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor Mining’s exploration programs, and a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Mr. Hawkins has reviewed this press release and approved of its contents.